(1) The following persons shall be disqualified from membership of a grouping, namelu:

(a) an undischarged bankrupt,

(b) a person convicted on indictment of any offence involving fraud or dishonesty,

(c) a person convicted on indictment of any offence in relation to a company formed and registered under the Companies Acts,

(d) a person to whom section 297 of the Companies Act, 1963, applies,

(e) a body corporate in respect of which winding-up or analogous proceedings have commenced.

(2) A person who becomes disqualified under this Regulation shall, within five days of becoming disqualified, resign from membership of a grouping and shall not act as a member of a grouping when disqualified from doing so.